Paul Bronfman, Chairman/CEO of Comweb Corp. has made three announced concerning equipment provider William F. White (WFW). First, the Company has entered into an exclusive partnership agreement with FlyCam Canada Inc., effective immediately. Second, the WFW has signed a letter of intent to purchase Telescopic Camera Cranes Ltd. Based in Vancouver, BC, Telescopic Camera Cranes Ltd. houses the largest fleet of Technocranes in the country, which is also one of the largest in the world, according to Bronfman. And finally, WFW has entered into a $40 million financing arrangement with BMO Financial Group.
FlyCam Canada is helmed by industry veteran Alan Lennox and currently occupies office space at William F. White Int’l headquarters in Toronto, William F. White Centre.
“FlyCam Canada is another great fit for WFW as we continue in our mission to be the first in Canada to bring new technologies to market while enhancing our national specialty equipment offerings,” says Bronfman. “Our resources and customer base combined with FlyCam’s talents and expertise in live events will prove to be a dynamic and value-added opportunity for our clients.”
Additionally, the transaction between Comweb/WFW and Telescopic Camera Cranes is expected to close in June 2013, subject to the completion of standard due diligence. Telescopic Camera Cranes founding partners Andrew Mulkani and Barrie Wells will continue in their respective roles as president and vice president of the company which will stay in its present location, close to William F. White’s Vancouver facility.
“Telescopic Camera Cranes is a perfect synergistic fit for us and this important expansion of our national specialty camera offerings has been in the works for many months now,” explains Bronfman. “Andrew and Barrie have built a tremendous company on a world scale and we’re delighted to have them become part of our group.”
Regarding the $40 million financing arrangement with BMO Financial Group, the financing was executed through BMO’s Corporate Finance Division. It involves the parent company of Comweb Group, which is Comweb Corp. including its largest wholly-owned subsidiary, William F. White Int’l Inc. along with Comweb Toronto Reality (William F. White Centre Toronto), Comweb Holdings (WFW Vancouver), and Comweb Studio Holdings Inc. (Comweb’s 20 percent investment in Pinewood Toronto Studios Inc.). The arrangement does not include Comweb Media Investments Inc. which is a significant shareholder in Astral Media Inc.
“We’re excited that BMO has shown confidence in us with the largest refinancing in our company’s history,” says Bronfman. “We remain committed to future growth and expansion while continuing to focus on acquiring the most cutting-edge production technologies, empowering filmmakers to do what they do best-tell their stories.”
For more information on any of these announcements, contact William F. White: 416-207-2750, www.whites.com.